Societe Generale (SocGen), a leading financial services group in the Euro zone, embarked on an ambitious project of centralizing its European payments infrastructure, which covered its back-office and customer service operations for international cash management and correspondent banking in its centres in seven countries.
The Payments solution from TCS BaNCS was selected to implement a centralized payments platform, which replaced IT applications across these seven countries. SocGen worked very closely with TCS on this program and managed all challenges posed by the project in an effective manner. A key highlight of the project was how, by leveraging TCS BaNCS’ superior architecture and flexible parameterization features and interfaces, SocGen was able to realize a TARGET2 compliant solution within a short period. With best practices and standards like IBAN, BIC and ISO20022 XML supported in payments solution from TCS BaNCS, SocGen was able to roll out the SEPA Credit Transfer service on schedule. Read the case study.